Jersey Oil and Gas Commits to new North Sea Seismic Programme (Thursday, 26 April 2018)

Jersey Oil and Gas PLC (LON:JOG) has informed buyers that its three way partnership with Statoil has dedicated to pre-fund a multi-client 3D seismic survey which is able to embrace its acreage within the North Sea.

The survey will cowl the group’s 12%-owned Verbier discovery and Cortina prospect, in addition to a further space of curiosity (AOI). It is predicted that the supply of the ultimate imaged information will occur in ‘late Q1’ in 2019.

Data gathered by way of the survey might be built-in with the information from Verbier, the place an appraisal properly is deliberate for this summer time.

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The firm mentioned in a assertion that its share of the prices referring to the AOI might be coated from current money reserves, and added that whole capex for 2018 is now anticipated ‘in direction of the higher finish’ of the earlier steering vary, between £9mln and £11mln.

“We are delighted to have the ability to take part within the pre-funding of PGS' multiclient 3D survey with our co-venturers, which permits us to acquire state-of-the-art, broad-band seismic information at very beneficial charges,” mentioned Andrew Benitz, Jersey chief government.

“We imagine this represents an thrilling step in our ongoing analysis of the P.2170 licence space, with the well timed supply of the processed information facilitating the potential future growth of the Verbier discovery in addition to enhancing our understanding and analysis of different drillable prospects within the better licensed space, thereby constructing on our current data base gained from final yr's profitable Verbier discovery properly.”

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